GBP/USD: Sideways Movement Expected After Exhaustion
Updated
GBP/USD shows signs of exhaustion following a Last Engulfing Top pattern, confirmed by yesterday’s break below the pattern’s low. However, instead of a major reversal, the price appears to be setting up for sideways movement.
The recently surpassed resistance, now acting as support, is the key level to watch. The market seems to be consolidating around this area, suggesting indecision among traders.
I expect the price to range between this support and recent highs, indicating a pause rather than a sharp reversal. Traders should be cautious and wait for clearer signals before committing to a direction.
The recently surpassed resistance, now acting as support, is the key level to watch. The market seems to be consolidating around this area, suggesting indecision among traders.
I expect the price to range between this support and recent highs, indicating a pause rather than a sharp reversal. Traders should be cautious and wait for clearer signals before committing to a direction.
Trade active
Hold ShortTrade closed: target reached
Target reached
Tanakorn Koomrampai ,CMT, CFTe
FB page (International) : facebook.com/graphtechniq
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FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
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